Hong Kong is determined to become a global Web3 hub.
Hong Kong has announced the formation of a task force to spearhead the region's advancement in Web3 development, a significant step towards becoming a global leader in this rapidly emerging field.
On June 30th, the Hong Kong government confirmed that the task force, comprising 15 industry stakeholders and 11 key government officials, would oversee the progress of Web3.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Crypto Mining Explained: How to Earn From Mining Bitcoin? (Animated)
It would focus on promoting responsible growth. The government announcement revealed:
The Financial Secretary has announced in the 2023-24 Budget the establishment of the Task Force to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong.
This initiative is believed to boost Hong Kong's objective to be at the forefront of Web3 technology. Paul Chan, the Financial Secretary of Hong Kong, expressed his confidence in the task force's ability to lead the region toward its goal.
Hong Kong seeks to lead and drive innovative exploration and development, create more new application models, and strives to draw together top-notch companies and talent in the arena to build a thriving ecosystem. With the Task Force bringing together leaders and professionals in the sectors involved, I believe their valuable advice will help Hong Kong develop into a Web3 hub.
Chan highlighted that the response to the Hong Kong government's policy statement on the development of virtual assets, released in October 2022, has been largely positive.
In recent months, Hong Kong's stance is becoming increasingly more welcoming towards crypto firms.
On June 10th, a member of the Hong Kong Legislative Council, Johnny Ng, openly invited “all global virtual asset trading platforms” via Twitter to apply for a virtual asset service provider license in Hong Kong, directly mentioning Coinbase in the context of its recent legal tussle with the United States Securities and Exchange Commission.
This approach was preceded by an announcement from the Hong Kong Securities and Futures Commission (SFC) on May 23rd, where it revealed intentions to permit licensed platforms to serve retail investors.
